House Democrats are discussing a broader crypto market-structure bill, according to a report by journalist Eleanor Terrett cited by Decrypt and Bitcoin Magazine. It would expand Rep. Maxine Waters’s Crypto Investor and Consumer Bill of Rights, giving the SEC a bigger role and the CFTC a smaller one. It could also fold in provisions Senate Democrats agreed with Republicans before the September vote. No bill text has been released, and Republicans call the effort a “messaging bill.”
French Hill, the Arkansas Republican who sponsored the CLARITY Act, won reelection over Democrat Chris Jones, Cointelegraph reported after the Associated Press called the race. Because Democrats won the House, he is expected to lose the Financial Services chairmanship in January, with Waters the leading contender, per Reuters. Digital assets subcommittee chair Bryan Steil lost his race.
Stand With Crypto said 27 of its 45 endorsed candidates won, 12 lost and six races were still live. Crypto super PACs spent about $176 million this cycle, and Fairshake has more than $67 million for 2028. Fairshake spokesperson Geoff Vetter said: “We will be watching and ’28 is a new map.”
Views on the bill’s future differ. Carlos Guzman of GSR said: “I wouldn’t say it’s game over for Clarity, but passing it has become tougher.” SkyBridge founder Anthony Scaramucci told Cointelegraph that Trump’s memecoin launches were the “singular reason” the bill failed, noting that on September 15 a Senate procedural vote fell short at 49 to 50.
The main takeaway is that any federal framework will now be negotiated with a Democratic House.
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Sources:
Decrypt: Democrats to push broader crypto market structure bill after sweeping US midterms
Bitcoin Magazine: House Democrats eye their own crypto market structure bill
Cointelegraph: Crypto ally French Hill wins reelection but set to lose House chair
Cointelegraph: Trump’s memecoin ventures derailed CLARITY Act, Scaramucci says
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